Stocks rose on Monday as investors cheered the possibility of reopening the economy after the coronavirus outbreak.
The Dow Jones Industrial Average rumbled higher 358.51 points, or 1.5%, to 24,133.78.
Monday’s gains put the S&P 500 on pace for its biggest one-month gain since 1987 with an 11.4% surge in April. The Dow is up 10.1% month to date; that would be its best monthly performance since 2002.
The S&P 500 strengthened 41.74 points, or 1.5%, to 2,878.48
The NASDAQ Composite hiked 95.64 points, or 1.1%, to 8,730.16.
PMorgan Chase and Disney were the best-performing Dow stocks, rising more than 4% each. The financials sector led the S&P 500 higher, climbing more than 3%. Citigroup shares rallied more than 6% while Wells Fargo and Bank of America were each up over 4%.
Stocks that would benefit most from an economic reopening led the way higher on Monday. MGM Resorts and Carnival both climbed more than 8%. Gap popped 12.9%, and Kohl’s gained 17.7%.
States including Alaska, Georgia, South Carolina, Tennessee and Texas are beginning to allow restaurants and other establishments to serve customers.
New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phases. The first phase, Cuomo said, would involve New York’s construction and manufacturing sectors. As part of the second phase, businesses will need to design plans for a re-opening that include social distancing practices and having personal protective equipment available.
Cuomo also noted that coronavirus-related hospitalizations have fallen for 14 days and that virus deaths in New York hit a near one-month low.
Still, coronavirus shelter-in-place orders and social distancing guidelines remain Wall Street’s number-one concern as the rules keep thousands of businesses closed. Officials have confirmed nearly three million COVID-19 cases worldwide with over 900,000 in the U.S., according to data from Johns Hopkins University.
Prices for the 10-Year Treasury sank, lifting yields to 0.66% from Friday’s 0.59%. Treasury prices and yields move in opposite directions.
Oil prices shed $3.92 to $13.02 U.S. a barrel.
Gold prices slumped 10 dollars to $1,725.60 U.S. an ounce.